Mummelmann said:
Back home (in Norway), the effect of this would be much more severe since oil and gas companies are more or less state-owned and the industry makes up about 35% of the total GDP. The state would essentially tank (pun intended). In a market where the interest and ownership are largely private though, the consequences are much less dire. So, yeah, I think and hope you're right. The oil industry has extremely high profitability and productivity rate per capita and employee, so the actual number of layoffs would be much smaller than if another sector or industry was hit as hard. |
Sucks for Norway and other oil countries I guess, but it's time for them to ditch oil anyway and build a proper economy.
For everyone else nothing will happen. Oil companies are gonna be fine since oil will always be needed and they have lots of it. And job loss in a sector that should mostly die anyway isn't much of a concern either.
What I'm saying is that low oil prices are probably one of the least concerns anyone should have. Now or in the future.
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